Saudi Aramco is investing record sums in developing its gas reserves in pursuit of an ambitious gas growth strategy. Last year, the company revised up its gas growth target from 60% to 80% by 2030 (against a 2021 baseline) due to increased expectations of domestic demand requirements. With Aramco the only supplier of gas into the Saudi market, this is creating a huge economic opportunity for the energy giant, which it expects will generate billions in additional cash flow by 2030.
Speaking to MEES this week, Aramco’s EVP for Gas, Abdulkarim al-Ghamdi, described the investment case for large-scale gas development as “a highly compelling and strategic opportunity” (MEES, 9 January for transcript). Robust global gas demand growth is expected out to at least 2050, but in the absence of any domestic export capacity, the real investment case lies in the domestic demand outlook, where Aramco has a captive marke. (CONTINUED – 972 WORDS)
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